The founders of a Farringdon media buying agency are today set for a major windfall after selling the business to a neighbouring company for £7 million.
GDM Digital, which lets companies trade digital adverts online, has been snapped up by Farringdon-based Ve Interactive, which provides tools for e-commerce businesses to boost sales rates.
GDM’s co-founder and chief executive Ed Stevens owns 40% of the business and is set to bank an estimated £3 million from the sale, while three other co-founders who are no longer involved but still hold equity will also profit.
Stevens said: “The opportunity arose and it was one that we felt that we couldn’t really turn down. It’s very satisfying. Five years is not a long time generally, but in the digital space it’s actually quite a long time.”
Forty-two-strong GDM was founded in 2008 but only began trading in 2009. It works with companies including Microsoft, Lufthansa, IBM, Virgin Active and Audi.
Ve’s co-founder and chief executive David Brown said: “Digital advertising is becoming a big part of our business because of the natural affinity it shares with our other online conversion apps.
“Ve is growing very quickly in emerging markets, particularly in Asia, where there is also a huge demand for ad tech services.”
Ve recently launched a Japanese office, its sixth in the Asia Pacific region. The GDM buy takes Ve’s international headcount to over 500.
